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BSP targets to roll out clearing house for electronic transactions this month

By Melissa Luz T. Lopez
Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) is targeting to roll out a clearing house for real-time payments this month, forming part of an industry-wide push towards electronic transactions.
BSP Deputy Governor Chuchi G. Fonacier said work on Instapay — a new clearing house that will process electronic fund transfers and payments — is in the final stages, with industry players expected to sign cooperation deals within April.
“The Instapay platform is scheduled to be rolled out mid of April 2018 which is within the target timeline,” Ms. Fonacier said in an e-mail interview. “So far, there are no problems encountered that might cause delays in implementation.”
According to the central bank’s plans, Instapay will clear electronic fund transfers (EFT) across banks and e-wallets in real time, focusing on low-value transactions worth below P50,000.
This would be the second clearing house after the Philippine EFT System and Operations Network (PESONet) rolled out in November.
Instapay is expected to be more high-impact in terms of processing money transfers, as it is expected to give a substantial boost for e-commerce. Clearing and settlement is expected to come in real-time, against the batch processing employed under PESONet.
Currently, banks signed up under PESONet carry out one batch run daily, which allows them to credit fund transfers by the end of the banking day to the intended recipient.
BSP Governor Nestor A. Espenilla, Jr. previously said the central bank has been embracing digital platforms for a more efficient financial system, citing the need for industry players to embrace cooperation while remaining competitive.
Last week, the BSP required all banks and financial firms to offer electronic payment channels for all clients which will be ready to process fund transfers within a matter of seconds, as part of the National Retail Payment System (NRPS) project spearheaded by the regulator.
The central bank targets to shift cash-heavy transactions to digital avenues via the NRPS, which they expect to help broaden access to financial services and spur increased economic activity.
The BSP targets to lift the share of digital payments to 20% of total transactions by 2020, coming from a measly 1% recorded in 2013. Offering e-payments is seen as the fastest way towards wider financial inclusion, with more Filipinos owning smartphones than those with access to bank branches nationwide.
Electronic money transactions in the Philippines totalled P1.1 trillion last year, marking an all-time high as more financial firms offered the digital services to consumers.
There were 11.4 million e-money accounts as of end-2017 — a rapid increase compared to 45.3 million Filipinos with bank deposit accounts, according to latest available central bank data.

Global-Estate Resorts profit up 56% in 2017

GLOBAL-ESTATE Resorts, Inc. (GERI) reported its net income attributable to the parent expanded by more than half in 2017, pushed by the development of its tourism estates.
In a regulatory filing, the leisure and tourism arm of Megaworld Corp. said it booked P1.5 billion in attributable profit last year, 56% higher than the P964 million it posted in 2016.
Revenues also grew 12% to P6.45 billion in 2017 against the P5.75 billion it recorded in the year before.
GERI attributed this increase to real estate sales — the largest contributor to revenues at over 70% — which rose 4% to P4.5 billion in 2017. The sales came from the company’s residential projects in Alabang West, Boracay Newcoast, and Twin Lakes in Tagaytay.
The company also noted in a statement that realized gross profits from prior years’ sales jumped by 112% to P819 million, as it completed more residential projects in 2017.
The rental income segment meanwhile grew by 54% to P161 million for the year, following the opening of Southwoods Mall in Southwoods City in Biñan, Laguna. Southwoods Mall is GERI’s first full-scale mall, which has cinemas, a food hall, and a supermarket.
The company plans on pursuing more leisure townships in the coming years to ensure its growth.
“In the next three years, we will be introducing more integrated lifestyle communities where nature becomes the focal point of our developments. Our existing land bank offers abundant nature reserves that we want to further nurture and preserve as part of our communities,” GERI President Monica T. Salomon said in a statement.
The listed firm currently has five tourism estates and two integrated lifestyle communities spanning over 3,000 hectares of land across the country.
Last year, GERI launched its latest integrated lifestyle community called The Hamptons Caliraya in Lumban-Cavinti, Laguna. The 300-hectare estate will house lakeside residential villages and villas, a town center, a shophouse district, and resort hotel district.
Shares in GERI were flat at P1.56 apiece at the stock exchange on Monday. — Arra B. Francia

Federal Land expands into San Juan

FEDERAL LAND, Inc. is expanding in San Juan City with the development of a residential condominium, One Wilson Square.
“San Juan City persistently strives to attain progress and we’re glad to be part of that. We are inspired to work with emerging cities that care for its people and its communities,” Federal Land President Pascual M. Garcia was quoted as saying in a statement.
One Wilson Square offers condominium units with private balconies. The tower’s top floors have as little as four units with at least 55-square meter decks.
Located at the corner of Ortigas Avenue and Wilson Street, residents of One Wilson Square will be near Greenhills Shopping Center, as well as schools and offices.
“Residents have route options to avoid traffic when heading to the areas of Quezon City, Manila, Mandaluyong, Makati and Pasig. Infrastructure developments underway such as the BGC-Ortigas Bridge will likewise make the property and the city more accessible,” Federal Land said.
A member of GT Capital Holdings, Federal Land has 45 years of experience in the real estate sector.
Federal Land, as well as Property Company of Friends, Inc. reported an aggregate net profit of P2.1 billion in 2017 after booking a combined 5% growth in consolidated revenues to P18.2 billion from P17.3 billion in the year prior.

Kim Jong Un ‘deeply moved’ by K-pop concert

SEOUL — North Korean leader Kim Jong Un smiled, clapped and said he was “deeply moved” by a rare performance by South Korean K-pop stars in Pyongyang, state media reported Monday.
The high profile appearance of Kim and his wife, former singer Ri Sol Ju, at the concert was unusual as his authoritarian regime typically struggles to prevent any infiltration of the South’s pop culture among his isolated people.
Kim, the first North Korean leader ever to attend a show by entertainers from the South, shook hands with the performers and “expressed his deep thanks to them,” the North’s official KCNA news agency reported.
“He said that he was deeply moved to see our people sincerely acclaiming the performance, deepening the understanding of the popular art of the South’s side,” KCNA said.
The visit by the South’s entertainers, seen as part of a cultural charm offensive by Seoul, comes as a diplomatic thaw gathers pace on the peninsula ahead of a landmark inter-Korean summit later this month.
Kim said he was likely to be busy “because of his complicated political program early in April,” so he was glad to make it to the concert which he credited with bringing the “spring of peace.”
The 120-member South Korean group — 11 musical acts as well as dancers, technicians and martial artists — gave one concert on Sunday with another set for Tuesday.
Kim and his wife were seen clapping their hands during the two-hour Sunday event, which was also attended by Kim’s younger sister, Kim Yo Jong, and the North’s ceremonial head of state Kim Yong Nam.
The concert at the elaborately decorated 1,500-seat East Pyongyang Grand Theater ended with a standing ovation by the packed audience after a finale featuring all the stars singing a song about unification.
‘THEY SANG ALONG’
One of the most closely watched acts was Red Velvet, part of the South’s hugely popular K-pop phenomenon that has taken audiences in Asia and beyond by storm.
Even leader Kim acknowledged that there had been “so much interest in whether I’d come to see Red Velvet or not.”
The five-member girlband — known for its signature K-pop mix of upbeat electronic music and high-voltage choreography — performed two of its hits, “Bad Boy” and “Red Flavor.”
“The North’s audience applauded our performance much louder than we expected and even sang along to our songs… it was a big relief,” band member Yeri told reporters.
The ongoing rapprochement was triggered by the South’s Winter Olympics, to which the North’s leader Kim Jong Un sent athletes, cheerleaders, and his sister as an envoy.
Kim followed up by agreeing to a summit with South Korean President Moon Jae-in, and offering a face-to-face meet with US President Donald Trump. Kim also met Chinese President Xi Jinping in Beijing last week during his first overseas trip.
The inter-Korean summit, the third such event after meetings in 2000 and 2007, will be held on April 27. No date has been set for the US-North Korean summit although it is expected before the end of May. — AFP

FNI unit signs new deal with Baosteel

A SUBSIDIARY of Global Ferronickel Holdings, Inc. (FNI) has renewed its supply contract with Hong Kong-based Baosteel Resources International Co., Ltd.
In a disclosure to the stock exchange, FNI said its subsidiary Platinum Group Metals Corp. (PGMC) inked a deal to supply 2 million wet metric tons (WMT) of nickel ore to Baosteel Resources.
“The purchase agreement covers a full range of products from low grade ore with nickel content of 0.90% to high grade ore with nickel content of as high as 1.8%,” the listed miner said, noting the prices will be based on prevailing market prices for the 2018 mining season.
Starting 2014, PGMC has delivered low grade limonite ore to high grade saprolite to the Baosteel Group subsidiary.
Aside from Baosteel, PGMC has been a supplier of nickel ore to China-based Guangdong Century Tsingshan Nickel Industry Co. Ltd. since 2014. This year, PGMC will be supply 1.5 million WMT of nickel ore to the Chinese mining firm.
FNI earlier announced a 6 million WMT target shipment volume for PGMC this year, depending on weather conditions.
PGMC operates the Cagdianao Mine Project in Surigao del Norte. In June 2016, it renewed its Mineral Product Sharing Agreement for another 25 years. — Anna Gabriela A. Mogato

BPI sets pricing, terms for stock rights offering

By Karl Angelo N. Vidal
BANK of the Philippine Islands (BPI) has set the final terms for its stock rights offering (SRO) where it is looking to raise P50 billion to fund its business expansion.
In a disclosure to the local bourse on Monday, the Ayala-led BPI said it will offer 558.7 million common shares under the plan priced at P89.50 apiece.
The offering will be conducted from April 16 to 25.
Eligible shareholders are entitled to subscribe to a share for every 7.0594 common shares as of the April 6 record date. Ex-date is on April 3.
BPI said proceeds from the capital raising exercise will be used to fund the expansion of its loan portfolio particularly in the consumer, small to medium enterprises and microfinance segments.
The fresh funds will also finance the expansion of its delivery infrastructure via investments in digitalization as well as additional branches of BPI, BPI Family Savings Bank and BPI Direct BanKo.
Debt watcher Moody’s Investors Service said the SRO of BPI is credit positive for the lender as this will bolster its capital buffers.
Ayala Corp., one of BPI’s principal shareholders, has expressed its support for the rights offering, saying it will exercise it preemptive rights, meaning AC will purchase additional shares prior to the general public offering.
Aside from BPI, other Philippine banks have also announced plans to conduct SROs.
Metropolitan Bank & Trust Co. is offering 799.8 million common shares priced at P75 apiece until tomorrow, April 4.
The SRO is expected to raise P60 billion which will also be used to fund its loan portfolio expansion as well as to fully acquire its credit card arm Metrobank Card Corp. from ANZ Funds Pty. Ltd.
Meanwhile, Rizal Commercial Banking Corp. plans to raise P15 billion via its own SRO. Proceeds will help expand its loan business as well as strengthen capital to Basel 3 standards.
In 2017, BPI booked a net profit of P22.42 billion, up 1.7%.
Shares in BPI closed at P115 apiece on Monday, down two pesos or 1.71%.

Melco says City of Dreams Manila generates $649-M revenues in 2017

REVENUES generated by the City of Dreams Manila grew by a third in 2017, following an improvement across all gaming and non-gaming segments within the integrated resort and casino for the year.
In a disclosure to the stock exchange on Monday, Melco Resorts (Philippines) Corp. (MRP) said City of Dreams Manila booked $649.3 million in revenues last year, higher than the $491.2 million it delivered in 2016.
Adjusted property EBITDA (earnings before interest, tax, depreciation, and amortization) rose to $235 million, up by 46% year on year, due to higher casino revenues.
For the gaming segment, rolling chip volume grew by 68.4% to $11.5 billion, with expected wins dipping to 3.1% from 3.4% in 2016.
Mass market table games had a hold percentage of 29.6%, higher than the 28% in 2016, supporting a 24.8% increase in table drops to $686.9 million.
Gaming machines also saw a 36% climb in revenues to $3.04 billion, with win rates at 5.8%.
Meanwhile, non-gaming revenues were up by 11% to $116.3 million for the year. The non-gaming segment includes luxury hotels offering around 950 rooms across NUWA Manila, Nobu Hotel Manila, and Hyatt City of Dreams Manila. The casino complex also features specialty restaurants and bars.
The earnings report for City of Dreams Manila was included in the regulatory filing submitted by Melco International Development Limited to the Hong Kong Stock Exchange last March 29. Melco International is the largest shareholder of Melco Resorts & Entertainment Limited, which in turn is the largest shareholder in MRP.
Shares in MRP gained 28 centavos or 3.59% to close at P8.08 each at the Philippine Stock Exchange on Monday. — Arra B. Francia

Singapore home prices post biggest jump in almost 8 years

SINGAPORE PRIVATE home prices surged the most since 2010 as the property market staged a recovery from a four-year slump.
An index tracking private residential prices jumped 3.1% in the three months ended March 31, according to a flash estimate from the Urban Redevelopment Authority, building on a 0.8% gain the previous quarter. That’s the biggest quarter-on-quarter gain since the three months ended June 2010.
Home prices have rebounded in the past three quarters, prompting aggressive land bids from developers as the property market shrugged off cooling measures ranging from additional taxes to limits on loans. The government in February raised taxes on home purchases exceeding S$1 million ($764,000) as the collective apartment sales market reached levels described as exuberant by the central bank.
“There’s no denial we’re entering an escalating market in light of higher land prices,” said Desmond Sim, head of research for Singapore and Southeast Asia at CBRE, who had forecast a 5 to 6% increase in home prices for 2018.
The price increase was driven by the so-called core central region, where housing values climbed 5% in the area that includes prime residential districts. That’s pushed by a handful of developments such as GuocoLand Ltd.’s Martin Modern, according to the real estate brokerage and consulting company.
With 90% of new residential properties sold in 2017 at below S$2 million, that means home buyers may opt for smaller units to keep to their budgets as home values rise, he said. If the majority of transactions move up to S$2.5 million, demand could ease, he added. — Bloomberg

Deutsche plans shifts in board

DEUTSCHE BANK AG is preparing to reshuffle its supervisory board as the future of Chief Executive Officer John Cryan and Chairman Paul Achleitner is called into question.
John Thain, a former CEO of Merrill Lynch, is expected to join the troubled German bank in May, according to a person with knowledge of the lender’s plans. He is one of four nominees invited by the supervisory board to fill positions coming open this year, said the person, who asked not to be identified because the matter isn’t public.
Cryan has been struggling to retain investor backing amid a slump in revenue despite resetting strategy since taking over in 2015. Concerns about the bank’s turnaround prompted Achleitner to hold discussions with potential successors, people with knowledge of the discussions said last week. The chairman is also coming under fire for having failed to forge a recovery after going through three CEOs in six years.
“I definitely welcome the overhaul of the supervisory board, although I would have liked to see it happen earlier,” said Andreas Meyer, who manages fixed income securities including Deutsche Bank bonds at Aramea Asset Management in Hamburg.
He noted the shift to more directors with financial-sector backgrounds on the board, though a balance might be preferable, he said. “Should Achleitner now decide to replace Cryan, he has to step down as well,” said Meyer. “He has been chairman of the supervisory board since May 2012 and that means he shares responsibility for the current situation.”
Speculation about Cryan’s position prompted the executive to tell staff on March 28 that he’s “absolutely committed” to serving the bank and continuing his work.
It’s the latest challenge to hit the 148-year-old institution, which has struggled to recover from the financial crisis that exploded in 2008. A sustained slide at the investment bank has contributed to hundreds of job cuts as the firm seeks to curb costs and improve returns. The shares have declined nearly 30% since the start of the year.
The bank is now conducting a fresh review of its trading businesses, Bloomberg News reported last week. Cryan is examining activities where Europe’s largest investment bank is trailing competitors to determine if it should try to win back market share or exit, said people familiar with the review, dubbed Project Colombo.
The relationship between Achleitner and Cryan has been strained for a while. The chairman has been critical of the CEO’s performance and was taken aback last year when Cryan discussed the prospect of a contract renewal beyond 2020 in interviews with Bloomberg and Handelsblatt, according to people familiar with the matter. That deterred efforts to prepare for a possible succession, they said. While much of the discontent has focused on Cryan, one top shareholder also criticized Achleitner for failing to replace Cryan sooner.
Michele Trogni, a former executive at IHS Markit Ltd. and UBS Group AG, and Mayree Clark, a former Morgan Stanley wealth-management executive, are set to join the board along with Thain, said the person.
Deutsche Bank supervisory board members whose terms expire this year are Johannes Teyssen, Dina Dublon, Henning Kagermann, and Louise M. Parent.
Achleitner has contacted possible candidates including Juerg Zeltner, UBS Group AG’s former wealth-management chief, about replacing Cryan, but the talks haven’t progressed to an offer for the post, people with knowledge of the matter told Bloomberg News. Other possible options included Standard Chartered Plc CEO Bill Winters and UniCredit SpA chief Jean Pierre Mustier. — Bloomberg

NYPD Blue creator Steven Bochco, 74

WASHINGTON — US television writer and producer Steven Bochco, the creator of iconic shows such as Hill Street Blues, NYPD Blue, and LA Law, has died from leukemia at the age of 74, according to reports.
He died on Sunday morning surrounded by family and friends, personal assistant Phillip Arnold told the media.
Bochco was known for his risk-taking approach that brought gritty realism and large ensemble casts to the small screen.
The 10-time Primetime Emmy Award winner was also behind comedy-drama Doogie Howser, M.D starring Neil Patrick Harris.
Tributes poured in from across Hollywood including collaborators and fellow producers.
Robert Iger, the chairman and CEO of Disney, tweeted, “Today, our industry lost a visionary, a creative force, a risk taker, a witty, urbane story teller with an uncanny ability to know what the world wanted. We were long-term colleagues, and longer term friends, and I am deeply saddened.”
Fellow producer and screenwriter Joss Whedon said: “Absolutely one of the biggest influences on Buffy (and me) was HILL STREET BLUES. Complex, unpredictable and unfailingly humane. Steven Bochco changed television, more than once. He’s a legend.” — AFP

Asean Manufacturing Purchasing Managers’ Index, March

FACTORY ACTIVITY in the Philippines improved last month despite higher input costs due to the tax reform law that took effect in January, according to a monthly survey IHS Markit conducted for Nikkei, Inc. Read the full story.

How PSEi member stocks performed — April 2, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, April 2, 2018.

 

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